Much as I can see the idea behind the marks of exploration etc and having a seperate set for PvP and exploration to a very great extent the ones on the route to captain and above are useless. You out level the equipment before oyu amass any great number.
There is a simple solution to this. Rationalise all of them into a single currency and make the vendors flagt by level. Increase the cost of items by the rank. This means you dont get much benefit from saving the points form lower levels but you do get some.
You can keep the orders of merit, just make them accolades. Go to town - have it unlock a special sash to make people extra happy.
Where this really grates is exploration points. Some of us accolade monsters go back to those old exploration zones. So do crafters to gather the bits. We get weeny little exploraiton merits for useless equipment but we stil lfight mobs our level. Tis isn;t going to break the game economy so long ads the award of badges scales with the level. It will make some of us just a little more hapy.
A multi badge system need to be scraped. What you can get needs to be limited to level with limit as to how many you can have at one time so people do not stockpile them. After a point it would be use or or lose system.